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The Love Funding team recently gathered in Boston to celebrate our 30th anniversary and discuss plans for the company's future. We enjoyed our time together and are proud of where we stand today as a top FHA lender; however, we recognize that our success means nothing without strong client relationships. So as a team, we put our heads together to identify measures to ensure that our clients keep coming back. We are streamlining internal processes, expediting underwriting procedures, simplifying loan documents and building out a loan portal to provide our clients with the very best in customer service.
We are also excited about the many changes happening at HUD, including a new 232 handbook to improve efficiency on the healthcare side and a detailed plan for the multifamily transformation. Stay tuned for more information, and in the meantime, let us know how we can better serve your needs.
UPCOMING CHANGES AT HUD
HUD recently rolled out a new 232 handbook to streamline healthcare loan processing nationwide. Love Funding underwriters attended training sessions to meet with the heads of the LEAN program and discuss the changes and improvements we would like to see. Here are some of the highlights:
- HUD is actively seeking experienced borrowers and operators for construction projects.
- HUD is streamlining reviews to achieve better consistency
- HUD reaffirmed the use of market cap rates, but there is still a significant focus on in-place net operating income
HUD recently received approval from Congress to move forward with its plan to transform the Office of Multifamily Housing. The transformation, called Multifamily for Tomorrow, will roll out across the country over the next two years and include the following components:
- National Workload Sharing
- Underwriter Model and risk-based processing in Production
- Account Executive Model in Asset Management
- Streamlining the organizational structure in headquarters and in the field
These changes are expected to improve the overall customer experience, including better service, more efficient and consistent Multifamily operations and improvements in HUD's risk management processes.
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